The Nigerian Aviation Handling Company Plc (NAHCO) has recorded a loss of N143.18m for the half-year which ended on the 30th of June 2020, as against a profit of N467.259m reported in the same period of 2019.
The company, in a report obtained from the Nigerian Stock Exchange, reported a loss before tax of N179.99m in H1 2020, compared to a profit before tax of N579.595m in H1 2019.
The firm’s revenue fell to N3.58bn from the N4.80bn posted in H1 2019, representing a drop of 25.42 per cent.
NAHCO recently took over the ground handling operations of Ethiopian Airlines Cargo and Mail Services.
This was effected based on the provisions of the Standard Ground Agreement Service signed on October 1, 2018, between NAHCO Plc and Ethiopian Airlines.
According to the Head, Legal Services, NAHCO, Tayo Ogunbanjo, the current agreement between NAHCO and Ethiopian Airlines is for three years effective from October 1, 2018, covering, among others, ground handling services, handling of cargo and mail generally.